Digital currencies have been recognized as a growing industry with a widening market in the past few years. Bitcoin, the pioneering digital currency, is actually the first functional implementation of blockchain technology.
In short, all cryptocurrencies are built on blockchain, a technology that enables the immutability of data due to its timestamping capability. When developed right, blockchain can do to the business world what the Internet has done in the past decades.
Despite the real potential of blockchain to bring maximum benefits to global businesses and the steady growth of enterprise blockchain adoption in the past couple of years, many executives still refuse to transition their systems and utilize this innovative technology.
This is because although digital currencies have gained mainstream popularity, the majority still do not understand what blockchain is and what it can actually do. And this is why research and development firm nChain CEO Hakan Yuksel urges corporate executives to educate both themselves and their staff on blockchain technology.
“Education is really the first step. Interestingly, there are many corporations like ours, which brings true education. We are in a world where YouTube brings you a wealth of information. Saying that, you have to filter a bit. So, I would say, educate yourself, educate your staff. Usually, large corporations have done large, large investment in some type of technologies, and you need to reskill so people must be brave and adapt to the new,” Yuksel advised.
nChain is committed to developing innovations on the BSV blockchain, the largest public blockchain that has the ability to limitlessly scale. This means that it can handle increasingly bigger blocks and process higher throughput, which is measured in transactions per second (tps) at minimal fees of minute fractions of a penny.
At present, BSV miners are already mining 4GB blocks at up to 50,000 tps. And this is just the beginning. As the network continues to scale, terabyte-sized blocks and millions of tps are realistic possibilities in the future.
Although Yuksel is the CEO of a company that provides blockchain-based solutions, he admits that he is no specialist yet, which is why he is actively getting involved in the blockchain space to learn all that he can. He has taken his advice to the letter and has attended the recently concluded LEAP 2022, a three-day tech event in Riyadh, Saudi Arabia.
“I think that you have to be here [in Saudi Arabia]. If I would have stayed in London, in Zurich, I would have gotten a summary. Someone would have filtered the information, but you would have never understood really the amplitude of the need, but also the local practices. There are specificities here and you have to come here and listen to that because sometimes, you get it right or wrong by very little. And I want to have it right for nChain, by a lot,” Yuksel said.
Yuksel, who has more than two decades of work experience heading software-as-a-service (SaaS) companies like SAP and Oracle, is eager to attend more global blockchain conventions in order to fully immerse himself in enterprise blockchain. Leading by example is the best way for other business leaders to take his advice.
Blockchain technology is here to stay, and the earlier businesses adopt it, the faster they can improve their digital infrastructures and maximize productivity and profit.